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an awful t lot of activity down here on the floor. bob pisani joins me. comeback in the market given the statements from jim o'neal earlier in the morning that this is a biggie and could have ripple effects over europe. i'm impressed that the market came back so much. >> the important thing is, let's put up the dow again. one of the reasons that we were moving up off of our lows is that money was coming out of europe and into the u.s. stock market. i'm sure some of it did. the important thing is after the market closed, europe closed around 12:30 eastern time. we held up very well. we're just off our highs. we were for a second positive just fractionally in the dow industrials. look at the major sector, sue, slightly more defensive. so telecom and utilities and consumer staples. look at the financials, sue. they were down more than 1% as a group but now only only fractionally if you look at the big banks, citi group has significant exposure to europe. the regional banks are all just down fractionally today. the dow stocks are up, big international names. caterpillar, for example, pfi
to not be having a huge impact on the equity markets. so what is moving the market today? bob pisani is in the middle of the action here at big board. >> take a look at the dow, bill. it's been a fairly narrow trading range, but also fairly narrow in europe. down two to one declining against advancing stocks. but we are still moving relative to europe. put up a chart here of the european markets versus the u.s. markets. that green is the european markets, the white is the u.s. market's intraday. they track each other perfectly. we are moving in tandem with europe. don't kid yourself, most people i talk to think they have to have some form of taxation on deposits. they have no other way of getting money and the european union is saying they have to find out some way of raising money. notice china is down again. you see that fxi, the big china etf, down again four days in a row. the china market is a real big worry. it's not getting a lot of publicity, but it's out there. also out there, these oil service numbers. yesterday, schlumberger, big oil service company, north american activit
of perfection. back.elcome >>> welcome back. the market seeing red all day. bob pisani on it, on the floor of the nyc. what's going on here, bob? >> two things, cyprus, and number two, global economic slowdown is the story today. take a look at the dow industrials. see that bottom around 2:00? we turned around when word came out that the cypriot government was creating a resolution process to wind down bad banks, and also, they're going to try to introduce a bill to protect depositors of up to 100,000 euros. that helped. global economic slowed down. transports were a major issue again today. and remember, we did see fedex week yesterday, weak again today. but others weak. like landstar and gatx. this was a big issue today. those stocks never really recovered here. multi-industry companies, here's the global slowdown. companies that work across many different platforms, many different countries were all down here today, 1, 2, or 3%. how about the home builders? a little disappointing, maria. existing home sales didn't break the psychologically important 5 million share mark. all were down t
us through that. we're going to start with bob pisani. risk seems to be back on in the market a little bit. >> that's a good point. for a long time the bears have been insisting that the global economy is not as healthy as this teflon stock market in the united states would indicate, and now they've got some ammunition. two companies from fed ex and from caterpillar. now, caterpillar had dismal three-month sales numbers. really shocked a lot of people. fed ex, of course, had disappointing earnings situation, lower than expected international volume. now people are saying, see, we told you. here are who big companies who are saying it's not as big as everybody said. deere got a downgrade from wells fargo. i'll talk more about that in the 2:00. a little bit of good news on housing. keeps rolling along. lenore, 34% increase in building. >> we'll see you back in a few minutes. ty, we'll send it back up to you. >> thank you very much. bob just gave you a very clear shot at the market picture, so what's driving it? well, obviously three developing stories and we're going to cue you
ahead, john, as we look at what mr. bob herbold said. >> oracle's got a really tough culture. this is q4, this is their time to perform. they're out to make money. that's what it comes down to. i don't know if they'll get their feelings hurt and turn in resumes. >> gentlemen, thank you very much. >>> hewlett-packard, a shaky turnaround, but hewlett-packard still has money to investors. boosting its quarterly dividend. hp stock up more than 60% this year so far. also, of course, watching the rival dell. our andrew ross sorkin at an event in new orleans, he's reporting there that the sentiment is that blackstone, the big private equity firm, will not make a bid for dell. those comments moving the stock and not in a good way. it's down 12 cents. that little chart kind of overstates the amount of the drop. but it is down today, sue. >> indeed it is, ty. thank you. >>> and now to the russian rage over the way the europeans are handling the crisis in cyprus. a place where a lot of powerful russians have an awful lot of money. steve sedgwick is live in moscow reporting on possible russian solut
. will cyprus silent the bulls or will the optimistic rally continue as i believe it will? we have bob dole. we welcome back joe lavorgna and cnbc contributor larry mcdonald, head of global strategy at new edge. bob, i home you heard the charles dallara interview. he was more concerned about the consequences of this than i might have thought. concerned about a next run on the bank. concerned the greek central bank can't bail out cyprus or the ecb may not have a mandate. what is your thinking about this? >> that was a great segment. confiscation and confidence were the two key words. we know we have the possibility my 100 cents are not 100 any more that. undermines confidence and risk assets need confidence to improve. that's the sticking point we had carnage in europe, in asia. the u.s. was muted because the economy in the u.s. is pretty good and because it's still viewed as a safe haven. look what happened to the dollar. we can't continue to have question marks about confidence in an area of the world that's fragile and expect risk asset rallies including equity market to rally. >> european ba
&p is off about 9. bob pisani is here to tell us what is going on. there's a lot of headline risk in the market today. >> and we're back moving on europe now. >> exactly. given 38 to the downside is not that bad. >> even europe is not reacting that much. let me show you the euro. everyone goes crazy talking about the euro. perhaps the finance minister may be resigning, we're trying to confirm that for sure. that's what we've been hearing. and on words that the governing body there, the party of the majority may not even vote on the vote itself. the euro dropped. so the dow jones industrial dropped on that news. in fact, put up the dow, you can see it's in parallel and you can take a look now at the two main etfs here. the u.s. stock market, total market, etf, you can buy that. there is ivv. they are moving in tandem here. people ask me, gee, why is this happening? i'll put it simply, right now the ecb and imf have it. if they don't pay a tax, 85.8 billion euros, they are going to stop providing assistance to the banks. they will provide assistance, no deal on taxes, no deal to pro
the bar from here on out, it lack looks like. maria, that's what we have from the occ. >> bob pisani, the dow and s&p 500 points away from their all-time highs. seems like this market continues unphased by news out of cyprus and the fed announcements. look at this market, 14,529. >> bob? >> 1,565 on the s&p. we could theoretically do it in the next few minutes. during bernanke's press conference, there was an unintentional moment of mirth, an amusing moment, where he said he had spoken to an unemployed person recently. it wasn't meant to be fun. but a lot of people chuckled at that one. hey, maria, look at the dow moving up. there was about 212, 212. the fed statement has been out and all of a sudden the dow moved up and everybody came over to me and said, what happened? i think this is actually not due to mr. bernanke or the fed. there was leak from japan about what the bank of japan might say tomorrow. there's going to be a press conference, the new guy is giving a press conference. the nikkei newspaper came out and said he's going to make an extremely aggressive statement. if you
. >> i love the note this morning more than anything. >> i mean, he's quoting bob seeger saying i know it's late. i know you're weary. a lot of people have upgraded the stock. >> this is a night move upgrade. >> it is. but we think more of let's make it last, let's find a way. so i was thinking of seger, but this is a company that's still going against the wind. you know what i wind? >> i was going do pete seger who really wanted to date me. he's calling it a frank blake moment. i'd like to say, gary balter when blockbuster video would go to 18 cents and it exceeded 100. the management is pretty horrible and he didn't know how to install a tv. this is a -- look, he had to start coverage and who knows when he would be able to recommend it earlier, but it is a great piece. >> it is a great piece. do you agree the comparison between jolie and frank blake because those are big shoes to fill. frank blake, a doctorate in law. frank blake is generous. there will never be another frank blake. >> i didn't like it either. i didn't believe it. all of the other parts of the argument i may be able to
of some of the major groups. >> kenney, come on in and join the group. bob mentioned the financials. what can happen in europe might eventually happen here in the united states. >> i don't suspect it really koul could happen but it gives investors an excuse to be cautious and take things off the table. we went right to the high and ran right into resistance. again, it gave people a chance to say let me take some money off the table and see where it goes. it's st end of the month. we will go into thursday with a little more to the upside but i don't think we're breaking any highs this week. >> if it really reflects european policy -- >> that's the big question. >> this is a victory for the moral hazard crowd. people claiming that endless bailouts are just wrong. but it introduces a whole new can f worms. >> it doesn't put the issue to sleep. only continues to bring it to the surface. >> what do you bring to the markets today? >> i think the market will end lower. it will churn all day and end here. there is no sense of panic but no reason to go out and buy new. it will -- we are stuck in t
business and our own bob pisani. good to have you on the program. >> good to be here. >> once again, europe on the front pages. it's going to be bad for confidence. do you think people should look at this and say, wait a minute, let me take money out of the stock market? >> well, i don't think that's going to be the long-term sitwausi situation. in the short term it raises a lot of nerves. the good news is that they're working towards making this a little bit more palatable. perhaps lowering the amount they ask for from insured depositors or perhaps even eliminating that and just focusing on the uninsured depositors. >> that's not happening. >> not yet. again, there's the possibility. >> bob, the futures were ugly over the weekend when this story was unfolding. asia was down 2% overnight. we are not by any stretch of the imagination that way. is this about the resilience of our market or are we just figuring out cyprus is a one shot deal? >> you're right. concern was high yesterday. why has there been no freak out today? as i call around, the market tends to believe the ecb and the fed are
which was hit back in october of 2007. bob pisani runs through the sectors leading the rally early on today. bob? >> important thing is what's happened is while we're not at new high, we're close enough. a number of sector, bill, are already essentially at historic highs. a mix of the defensive and cyclic cal naal names. essentially at or near historic highs. there's a group that's kind of in the middle, bill, that hit historic highs in 2008 and are just off of them. just below them about 10%. that's the utility stocks and the energy stocks and the materials stocks are just off of their historic highs but heading in the right direction, at least. finally, here's the really tough one, these are the guys that have never gotten close. telecom stocks and the tech stocks were destroyed in the dot com bubble in 2000 and essentially have never gotten close back to old historic highs. 50% off. financials got destroyed in the financial crisis of 2008. they never really got all the way back. here's the problem, bill. financials and tech are the two biggest weightings in the s&p 500. they're
. >> they could go all of the way. >> let's send it over to bob who is in the middle of this crowd for marin software, bob? and they brought everybody including their mother down here. one of the fun things about this is everyone brings their family and there are all sorts of people, wife, aunts and uncles and i'm talking to various people from different parts of the world. the bottom line is it has the cloud-based technology. right now we're looking at 1850, and somewhere around there. remember, 7 million shares and they upped that. the price talk was 11 to 13 and pricing at 14 and now we're looking at 18.50, somewhere around that. good numbers here and 4 million and $15. we have another one today. wes corp. the phone service provideir and know you were talking about a big week for ipos. we had the model and all pricing above their initial price and all doing very well. i counted 27 ipos so far this year, and i talked to the ipo financial about that. 21 of them have priced above their initial price. 21 out of 27 and those are good numbers. i guess the question is, where are the rest of them
day today. >> let's check in with bob pisani with more on what is moving this morning. hi, bob. just three points away from the all-time closing high. 1562 is where we are. 1565 the all-time closing high. we see homebuilders's little bit higher and now that cyprus is sort of done, reducing volatility on the markets and the focus will shift to the fundamentals and what's going on. you know the bulls' argument and we have reasonable valuations and accommodative central banks and two things are worrying me and is the commentary last week and it was terrible. bell weathers like fedex, caterpillar, tibco software coming out with very poor commentary. i think that's a real worry for people. nobody's worried their overall commentary and we're expectation 10% increase in earnings for your 2013. another issue is the whole seasonality thing and i know sell a man, go away and sounds like an old wives tale. it's not, folks. there's been tremendous buy-in to this concept in the last several years as the numbers have become more supportive that on the idea that the period from november to april ou
right now along with hank is jason pride, peter schiff of euro pacific capital and our own bob pisani. peter schiff, let me kick it off with you and get your take on what's going on in cyprus right now. what's the impact? >> a lot of people are hoping what happens in cyprus stays in cyprus. i wouldn't be so sure. i think bank depositors including depositors here in the united states have to be concerned about the value of their deposits. because if we have a major bank failure in the united states, you know, there's no way the fdic has the money to cover the potential losses. so we would have to have a huge bailout like t.a.r.p. and where would the money come from? and even if there is a bailout and the fed has to print money, the losses to depositors to inflation will be far greater than what the cyprus depositors are losing due to this tax. >> hank smith, it is pretty extraordinary depositors have to pay for a bailout they didn't necessarily authorize. what do you think about what peter said? is this a recipe that would be used elsewhere in the world? >> i highly down it, maria. loo
to finish the week strong here. >> but will it be enough to be positive for the whole week? bob pisani with the latest market averaction. >> widespread belief things are going to be fine in cyprus. a year ago, they would have panicked. but that's not the case. very different attitude now than a year ago. take a look at a few groups that are moving. steel stocks, weak. what a mess. ak steel, that's probably a ten-year low, $3. they gave a warning on their guidance, on epps. steel stocks doing nothing. very interesting journal story about how hmos have been warning some suppliers and customers that they may have to double their fees for next year, because of the higher costs associated with obama care. you see some declines there as well. for the week, the major indices, believe it or not, this would be the worst week of the year. and essentially, all the major indices are down fractionally. and i say for the s&p 500, down 0.4%, an indication of how strong we've been all throughout the year. i'll have the final numbers in just half an hour. guys, back to you. >> thank you so much, bob. n
you soon, guys. thanks very much. >>> and it was an up and down week for stocks. bob pisani now recapping all the action. >> bottom line is we ended not far from the highs of the day, not enough to get us into positive territory for the week. look at the dow. what a difference a year makes. if this would have been a year ago, going into uncertainty on a major event happening in cyprus, we would have been selling, now everybody's buying because we think everything's going to work out okay. a different attitude than there was a year ago. different look at some of the earnings. micron, nike, tiffany, all with positive numbers. look at those nice moves up. it still didn't erase the memory of earlier in the week when we had oracle, fedex, caterpillar. those are bellwether names and they really weighed on the markets. we had a lot of ipos this week. a little bit disappointment with marin software. priced at 14, opened at 19. my heavens, that was a big open. i'll tell you my rule here. any time an ipo opens at the top and ends at the bottom, i don't care what the price is, that's a lit
two distinguished senators, a demonstrate from new hampshire and bob corker, republican from tennessee. senator sheen, let me begin with you. what do i see here? you took out the sequester. that's out of this new budget and put in another trillion dollar tax hike which my friend jech sessions says it's really lie 1.5 trillion. i don't see this as a gat vote or any good for the economy either. >> well, i think you're wrong. the fact is taking out the sequester is one of the best things that the budget does. in new hampshire we're already seeing the impacts of that sequester. our second largest city will have the tower closed because of the sequester. it's one of the busiest aviation airports in new england. we're seeing workers at our naval shipyard who will be furloughed and small businesses all across new hampshire who are being affected by that. you know, the best way we can deal with our debt and deficit long term is to grow the economy and that's what this budget does. it recognizes we need to invest long term. we need to cut spending and it does that. it does not do that. >> we ne
very close in the s&p this morning, coming within a point of its all-time closing high. bob pisani on the reversal of fortune and when that new high might come. >>> later, young people buying retirement homes, you say. well, it's happening a lot, actually. why some say it's a better investment right now than a 401(k). that's later on "the closing bell." >> really? >> yes, it is. >> wow. they don't have pictures of my kids. they don't have my yoga mat. and still, i feel at home. could it be the flat screen tv? the not so mini fridge? ♪ the different free dinner almost every weeknight? or maybe, it's all of the above. and all the rest. am i home? nope. but it almost feels that way. homewood suites by hilton. be at home. homewood suites by hilton. anbe a name and not a number?tor scottrade. ron: i'm never alone with scottrade. i can always call or stop by my local office. they're nearby and ready to help. so when i have questions, i can talk to someone who knows exactly how i trade. because i don't trade like everybody. i trade like me. that's why i'm with scottrade. announcer: scot
. >> bob, how much of this -- what has really been extraordinary market activity. it is the beginning of something that could really be nice. after 12, 13 years where people don't even believe buying hold anymore. they don't believe it. maybe we're starting something. how much of that a femoral because of the fed and how much is improvements maybe caused by the fed? >> you know it's something i've been thinking a lot about lately. you wonder how much the fed is really impacted, you know, this recovery that we have seen. is the market and the economy really able to sort of stand on its own right now? and i don't think the answer is a really quite clear. you know, certainly you would see a market react if the fed were to reduce the amount of bond purchases they're doing on a monthly basis. the numbers are in comprehendible. you can't wrap your head around $85 billion a month. >> no. >> it's kind of ridiculous. but i think the economy is really at a point where it would probably be able to move forward. just maybe not at the level that we're seeing. i think we could get back to sort of a
that. >> welcome to 60 minutes on cnbc. i'm bob simon. in this edition, we look at two innovative experiments in the housing and job markets aimed at solving long-term problems caused by the great recession. and later on, we examine the impact on brevard county, florida, of scuttling the space shuttle program. we begin with the housing industry. chances are the home you're in isn't worth what it used to be. you may not have indulged in the real estate bubble with its liars' loans and wall street greed, but you were stuck with the bill. and if you thought your home value couldn't drop any more, have a look up and down the block. you might say, "there goes the neighborhood." one of the threats from the great recession was the sudden surge in the number of abandoned houses. as scott pelley reported in december 2011, vacant homes become so ruinous in some neighborhoods that one city, cleveland, decided it had to find a solution. >> perfectly good homes... worth $75,000, $100,000 or more a couple of years ago... are being ripped to splinters in cleveland, cuyahoga county, ohio. here, t
't they do it? >> welcome to 60 minutes on cnbc. i'm bob simon. even though fraud played a significant role in the 2008 meltdown of the american economy, as of late 2012, there have been several civil suits filed against major wall street financial firms, but not a single criminal prosecution. in this edition, we look back at the 2008 financial crisis and the failure of government regulators to prosecute those who might be criminally responsible. later, lehman brothers bankruptcy investigator anton valukas shares his findings on the collapse of the giant investment bank where no senior official has ever faced charges in the biggest bankruptcy in u.s. history. but first we begin with a nine-month 60 minutes investigation looking for wall street cases that might have prosecutorial merit. in december 2011, steve kroft reported on two such cases. we begin with a woman named eileen foster, a former senior executive at countrywide financial, one of the epicenters of the crisis. >> do you believe that there are people at countrywide who belong behind bars? >> yes. >> do you want to give me their n
. >>> let's check with bob pisani who's on the floor with more on what's moving this morning. >> interesting company, aviv. i used to be in the real estate business. aviv nursing home facilities. somewhere around $21 right now. another good ipo. it is 25r7bd $1 right now. we haven't had a reit ipo in a while. it was silver bay back in december. it was the last one. that did really well. by the way, aviv is projecting a 7% dividend yield. ask the ceo about that. 7%? are they going to stick to that? that is a juicy yield. that will help the company a lot. big story today, what's up with the earnings and guidance? i'm getting a little worried here. look at number adding up here. fedex, caterpillar, a krchctuan. airgas, great industrial bellwether. sales disappointing in february. no improvement in march, they're saying. airgas, entirely u.s.-based company. no, we can't blame it on your. no, china's sales are down. airgas, all u.s. that's a little bit of a concern to me. i call up everybody last night, say what the heck is going on here? is this the start of a trend here? everybody who says bull
the program. let's see what the mood of bob pisani is as we go positive for the week. >> the important thing is 14,514. believe it or not. keep on going on either side. need to be over 14,514. the worst week of the year. goes to show you how great it's been for the year that we're basically flat and this is the worst week of the year. take a look at some of the shipping stocks. i've been asked about why they are all up. shipping stocks have been destroyed in the last year, but they are all rallying, a conference here in new york today and yesterday there was a lot of talk about demand for particularly oil transports. ships might be improving, the pricing might be going up and even some of the guys who do dry bulk shipping like dry ships are on the upside. a very tough call, but they are moving on a lot of speculation right now. meantime we've got five trading days left in the quarter, and look at this. the dow is up double digits. still an indication of how strong things are, that we're considering this a very disappointing week and by and large flat. >> on a day like today. you need the ana
. let's check in on bob pisani on what is moving here on the floor. >> japan is up 2% and they're just on fire. asia's mixed and europe is on the mixed side and here in the u.s. we're doing all right. airlines are roaring. banks are up. bank of america is up 1.5. the homebuilders are up. on cyprus, your guess is as good as mine. here's my guess, at the end of the day they'll go to 100,000 euros and they'll keep that deposit on 100,000 intact. yes, they're talking about 20,000 and they'll be under pressure to go all of the way up and yes, they'll get the russian oligarchs annoyed and the exploits annoyed and at end of the day they'll get close to $100,000 and that will go a long way to calm the contagion fears. the rest of europe isn't going to be that foolish. let's move on. did you see the homebuilders? the main etf for homebuilders and that's the itd in a five-year high and housing recovery chugging along and well above estimates. here's the number. year over year. single family starts are up 31% compared to february of last year. multifamilies are up 21%. permits are at their highes
's check in with bob and he's on the floor this morning with more of what's moving. >> happy monday. weir well off of our lows and now we're only down 72 and the financials are weak and energy stocks and some of the materials are down 1%. all of the gold stocks are to the upside. you know, i asked around saturday and said why did they go after the deposits so much and apparently the answer i got from people who watch this stuff was that was all there was to go after and there was not a lot else they could seize in any way easily and with all of this said, can i just take the other side of this about not protesting too much? there were plenty of one-off taxes in europe. the italians have been screaming for months about this. they had a whole new bunch of taxes on their financial assets and some of capital gains and not all on deposits and there were a lot of one-off taxes in europe reese leent and will we have some kind of bank run? there have been safety programs in the last two years put into effect and they have the bond-buying program and the ecb, able to buy cheap loans and the ltro p
pregnant. you're glowing. >> bob roth, david lynch foundation, taught ray galio how to do meditation. it was amazeng. >> a different david lynch? >> actually not. >> it is amazing. i'm a total skeptic. i thought i was going to sit there and do this mantra stuff. >> how long did you meditate for? >> 20 minutes twice a day. >> did you ohm. >> i have my own mantra. >> you can just use your breath. it doesn't matter. >> corporation wants to increase productivity, want their employees to be healthy. city hall. >> here's the thing. city hall is not telling you to go and meditate. >> it's telling me not to have a 16 ounce soda. that's absurd. warren buffett -- how long has he been living on 2800 calories? if he wants to have a cherry coke, god bless him. this is insane. >> but they end up in our emergency rooms. even if you don't have single payer health care you pay for it. that's the thing. >> and the health care cost inflation is -- >> it's huge. $300 billion is what stress is costing corporate america right now. forget the touchy-feely wanting people to be healthy. start with the bottom
Search Results 0 to 26 of about 27